Bitcoin Withdrawals from Exchanges Are Surpassing $10M in Batches, Says Van Straten

Institutional demand for bitcoin has surged since Donald Trump’s November election victory, helping push the cryptocurrency closer to achieving major milestones.

Bitcoin (BTC), the largest cryptocurrency by market cap, is now eyeing the $2 trillion market cap and $100,000 price points. If it can break through these key levels, bitcoin’s future could be bright.

Since the election, bitcoin has gained more than $30,000, with a notable surge in the amount of BTC being moved off exchanges. Data from Glassnode reveals that large bitcoin transactions worth more than $10 million are increasingly leaving exchanges, suggesting strong institutional interest. A large portion of these withdrawals appears to be coming from Coinbase, which has contributed to the recent Coinbase premium.

As of yesterday, around 12,500 BTC, or roughly $1.3 billion, was withdrawn from exchanges, with about half of that coming from Coinbase, according to Glassnode.

Since the November election, roughly 200,000 BTC have left exchanges, leaving just 2.8 million BTC on exchanges, marking the lowest level in the last seven years.